Venable partner Ron Glancz was quoted in an August 24 American Banker story about the ShoreBank resolution deal.

Chicago's ShoreBank, the nation's first community development bank, was recently seized by federal regulators and sold to Urban Partnership Bank, a new entity backed by the same fund that had previously worked to rescue failing ShoreBank.

David J. Vitale, former First Chicago Corp. senior executive and ShoreBank board member, was brought in as chief executive of ShoreBank in March 2010 in an attempt to save the failing institution. Vitale will now serve as Chairman of the new Urban Partnership Bank.

According to the story, there is precedent for executives who had been hired as a last-ditch effort to save a failing bank staying on after the FDIC takeover. "This is the kind of situation where that management had come in just recently," said Glancz.